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French minister knocks Irish move French minister knocks Irish move
(about 1 hour later)
French Finance Minister Christine Lagarde has become the latest European politician to criticise the Republic of Ireland's bank guarantee move.French Finance Minister Christine Lagarde has become the latest European politician to criticise the Republic of Ireland's bank guarantee move.
With Ireland due to pass a law safeguarding all deposits in its six largest banks, Ms Lagarde said other nations should have had advance notice.With Ireland due to pass a law safeguarding all deposits in its six largest banks, Ms Lagarde said other nations should have had advance notice.
Speaking to the BBC, Ms Lagarde also denied France wanted to set up a Europe-wide banking rescue fund.Speaking to the BBC, Ms Lagarde also denied France wanted to set up a Europe-wide banking rescue fund.
Brussels is studying the competition implications of Ireland's move.Brussels is studying the competition implications of Ireland's move.
Separately, French President Nicolas Sarkozy has invited his European counterparts for talks in France this weekend on the continuing financial crisis.Separately, French President Nicolas Sarkozy has invited his European counterparts for talks in France this weekend on the continuing financial crisis.
'Share in advance''Share in advance'
There have been complaints that Dublin's move gives its banks an unfair advantage over foreign competitors because it makes them more attractive to nervous investors.There have been complaints that Dublin's move gives its banks an unfair advantage over foreign competitors because it makes them more attractive to nervous investors.
When something happens in one member state it affects everybody else around French Finance Minister Christine Lagarde When something happens in one member state it affects everybody else around French Finance Minister Christine Lagarde class="" href="http://www.bbc.co.uk/blogs/thereporters/markmardell/">Mardell blog: French scheme
As a result there have been a number of reports of people in the UK switching their funds from British banks to Irish institutions.As a result there have been a number of reports of people in the UK switching their funds from British banks to Irish institutions.
Ms Lagarde said "a measure decided in one [European Union] member state has to be shared in advance with other member states".Ms Lagarde said "a measure decided in one [European Union] member state has to be shared in advance with other member states".
"Because when something happens in one member state it affects everybody else around, so there needs to be that level of cross-sharing of information," she added."Because when something happens in one member state it affects everybody else around, so there needs to be that level of cross-sharing of information," she added.
European Union Competition Commissioner Neelie Kroes said on Wednesday that she urged national governments "not to act unilaterally".European Union Competition Commissioner Neelie Kroes said on Wednesday that she urged national governments "not to act unilaterally".
"It is a must," she said."It is a must," she said.
While the Republic of Ireland is currently the only European Union nation to guarantee all bank deposits, Brussels requires that all member states offer a minimum protection of 20,000 euros ($28,100; £15,800).While the Republic of Ireland is currently the only European Union nation to guarantee all bank deposits, Brussels requires that all member states offer a minimum protection of 20,000 euros ($28,100; £15,800).
The UK government has indicated that it plans to raise its own deposit guarantees to £50,000 from the current £35,000 limit.The UK government has indicated that it plans to raise its own deposit guarantees to £50,000 from the current £35,000 limit.